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Treasurer David Lillard outlines Treasury budget, cites $91.9M sports‑wagering passthrough
Summary
Treasurer David Lillard told the Finance, Ways, and Means Committee that the Treasury’s base FY 2026–27 budget is $182,095,500 and the governor’s recommended budget is $211,455,600; he highlighted $91.9 million in sports‑wagering revenues that flow through the department for education and school construction disbursements.
Treasurer David Lillard presented the Tennessee Treasury Department’s operating request for fiscal 2026–27, telling the Finance, Ways and Means Committee that "The Treasury Department's base budget for fiscal year 2026-27 before cost increases is 182,095,500," and that the governor recommended $211,455,600 after including cost increases and subsidies.
Lillard said a significant portion of the department’s cash flows include pass-throughs tied to sports‑wagering receipts. He told members that roughly $91,900,000 in sports‑wagering revenues are routed through Treasury "to either the lottery for education reserves if needed or for the public school construction and maintenance disbursements to local education agencies." He described Treasury funding as coming primarily from asset‑based fees on invested balances and program fees rather than direct general‑fund reliance.
Committee members pressed Treasury on staffing and program administration. On the Education Freedom Scholarship Act administration, Deputy Treasurer Rick DeBray said the new positions requested to manage disbursements "have not been filled" and that the department is supplementing IT and financial staff to prepare the systems. Members also asked about a $1,000,000 appropriation for the state risk‑management fund and ongoing FEMA appeals; Lillard said the state has consolidated multiple appeals and "we have arbitrations going on in Washington with FEMA about those claims," but declined to predict outcomes while litigation proceeds.
The treasurer closed by directing members to the department’s annual report and budget documents for more detail; committee questioning then moved on to the Lottery presentation.
